This study aims to analyze the essence of the approaches towards fair contractual relation in Islamic thought. The study focuses on the variety of the approaches that have been applied to measure the establishment of a free and fair market where chances of fraud and misrepresentation are fewer and the smooth running of economy on the basis of fairness is considerably assured. The discussion begins with the concept of certainty and fairness in financial transactions and its significance in Islamic law. In the light of Holy Qur‟an and Sunnah, this study contextualizes the conditions of fair negotiations as very basic principles of Islamic law with specific reference to the notion of Khīyyār al-Rūyah (Option of Inspection). The scholarly insights of classical jurists for whom this option is made lawful in Islamic law, ensure the absolute fairness, certainty by providing adequate opportunity to customer to think carefully about the conclusion of the contract. This study explores the concept of Khīyyār al-Rūyah, its role, manners of conduct, application and implications by concluding that Khīyyār al-Rūyah can better serve to achieve the fairness and to ensure certainty in financial contracts.